Justice Michael Lee said Tolga Kumova needed vindication against the grave allegations made against him on Twitter and suggested an injunction may be taken.
Federal Court Justice Michael Lee has ruled Alan Davison, better known by his Twitter handle Stock Swami, repeatedly defamed sharemarket entrepreneur Tolga Kumova by using Twitter to accuse him of insider trading and misleading investors.
Tolga Kumova leaves court after winning defamation claim, flanked by Gilbert & Tobin solicitor Rebecca Dunn and public relations adviser Mark Hawthorn.New Zealand resident Mr Davison, 67, was ordered to pay aggravated damages of $275,000, plus interest at 3 per cent for a fixed period. The judge described Mr Kumova’s selling strategy as that of a sophisticated trader, in that it was not linear. He also referenced Mr Kumova’s evidence during the trial that he did not sell his entire stake because he hoped for a takeover of Bellevue Gold, and suggested this evidence did not sit with the existence of a pump and dump scheme.
The verdict also suggested Mr Kumova had at times tweeted inaccurately when he overestimated the value of a New Century Resources metals tenement by $4.8 billion in a tweet.Under cross-examination at the June trial, Mr Kumova suggested a “maths slip” may have been responsible for the $4.8 billion miscalculation given it was the first time he became aware of it.
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